1、Global Talent Trends 2020 #globaltalenttrends empathy win with welcome to brighter Mercers 2020 Global Talent Trends Study reveals that current realities and unresolved debates weigh us down, even as we see a future full of opportunity in this new decade. An opportunity which, for now, seems halted
2、by COVID-19. Longstanding metrics such as gross domestic product feel past their prime, and many traditional institutions that underwrote decades of progress were just beginning to transform. The changes we are witnessing, brought about by uncertain times, are not only disrupting our present, but wi
3、ll set a new normal in how we live, work, operate and do business ones that we will not retreat from once we get through the current pandemic. One thing that this years 7,300 voices are saying loud and clear is that creating a bright future for us and for future generations demands we all become tru
4、e agents of change. As agents of change, we need a more expansive view about an organizations responsibilities. One that is being tested now, that has the organizations purpose extending beyond shareholder return, and that places individual and societal well- being at its core. The study also shows
5、the need to manage digital and workplace transformations with care. Digital transformation is dividing companies in their ability to weather the current storm. However, change needs to be balanced with capacity. Two in three employees already felt at risk of burnout before the pandemic began, and on
6、ly two in five companies say they are truly digital today. Further, not every company is ready to work flexibly, with the retail, healthcare and automotive sectors in particular struggling to build cultures that support permanent flexibility. This year, 98% of executives plan to redesign their organ
7、izations to make them fit for tomorrow with vertical cuts into departments and functions followed by delayering and moving to a matrixed structure being priorities. This comes as little surprise, considering most companies (85%) expect technological transformation to continue as a primary business d
8、isruptor, while rising customer expectations (87%) and industry consolidation (80%) feature heavily (see figure 1). Depending on the ferocity and length of the current COVID-19 crisis, everything from site selection to portfolio diversification will rise up this list. As we live through the resultin
9、g turmoil and we are tested in terms of both business continuity and the worlds capacity to formulate a global response, it is clear we need to focus at once on the near- and long-term. We must stop and ask: Is todays approach to work and workforce transformation sustainable? Will our work models at
10、tract new generations? How will we reinvigorate our businesses? How can we ensure our employee value proposition meets rising health, wealth and career concerns? And are existing practices agile enough to withstand this and future unpredictable events impact on profit? As we enter an age of uncertai
11、nty, conversations about our collective future and its impact on our health, wealth and well-being dominate the airwaves. What technologies have we yet to meet, but soon wont be able to live without? Will personalized medicine usher in an unprecedented period of young-old age? How equipped are we to
12、 embrace permanent remote working? What are we doing to improve health and wealth outcomes for those impacted by the COVID-19 crisis? Rising consumer expectations Energy Consumer Goods Life Sciences Technology Technology transformation Consumer Goods Technology Retail Insurance Industry consolidatio
13、n Insurance Energy Technology Financial Services Figure 1. Top drivers of disruption by industry New decade, new direction 1 Disruption drives reinvention The good news is that necessity breeds innovation and, as a result, we are on the cusp of new ways of working, living and caring. Were being chal
14、lenged to rethink our collective and individual responsibilities to one another, to the institutions we work for, and to the societies and environments we live in (see figure 3). This renewed mission for life is the tonic people have been thirsty for. Executives are swiftly adopting future of work s
15、trategies to compete and stay relevant, while preparing to face a very likely economic downturn. If macroeconomic conditions continue to turn unfavorable, companies plan to double down on strategic partnerships (40%), use more variable talent pools (39%) and invest in automation (34%) (see figure 4)
16、. These strategies will speed up the changes were seeing and in how we trade goods and services, operate our businesses and connect with one another. On a macroeconomic level, executives continue to feel the pressure of an interconnected world (see figure 2). But two socioeconomic forces stand out:
17、concern over talent migration has risen tenfold, and concern over immigration has risen threefold, since 2017: with an extra level of complexity today as we acknowledge the need for social distancing and border control. Empathy sits at the heart of a new mandate With so many unknowns, how can compan
18、ies, individuals and society as a whole win? By combining left-brain understanding of commercial realities and their knock- on effects, with right-brain skills such as intuition and creativity to find solutions. Only then can we turn our insight and intelligence into inclusive prosperity. Thriving e
19、mployees are twice as likely to work for an organization 1Thriving employee: An employee who self-reports they are prospering in terms of their health, wealth and career prospects. Figure 2. The top socioeconomic forces concerning executives Increased strength of emerging market economies 46%45% Cyb
20、er security 38%50% Talent migration 38%38% Competition from regionalization/on-shoring 37%44% Changes in business regulations (e.g., taxes/subsidies) 39%44% 20192020 Figure 3. Executives top workforce concerns Supporting employees health creating a “job marketplace;” continual training and learning;
21、 and change management and communication. “We captured success stories and have been sharing employee narratives of their learning journeys in order to make this a more personal transformation,” says Deb Reddish, KTO Employee Engagement Leader. The effort moved beyond technology to unite critical sk
22、ills of the future across digital, business, and people. KeyBank benchmarked best practices against several notable companies across numerous industries. They discovered the need to combine digital, business, and people skills with an eye toward enabling colleagues to work side- by-side with technol
23、ogy AI, chatbots, machine learning, and RPA. All while developing new capabilities in supplier management, risk management, storytelling with data, continuous delivery, and user design. Realizing that they were entering into a partnership with employees, the team supplied managers with tools, framew
24、orks, and guidance on how to coach, deploy emotional intelligence, and engage employees as they navigated the organizational transformation and their own learning journey. “We started with change management and followed that with critical thinking and decision making,” says Dean Kontul, Division CIO
25、, Wealth and Capital Markets and Future-Ready Workforce Leader. KeyBanks leaders also had open conversations with workers about the most transferrable skills for a future marked by increased use of automation and cognitive technologies. Employees in turn made it clear that applying these new skills
26、would be critical to making them stick. These conversations led to career mapping and developing an opportunity marketplace, enabled by Fuel50 technology. This provided an opportunity for employees to test their skills, job shadow and deploy new skills through an internal gig economy in effect provi
27、ding the skills-based connective tissue for the organization. In the current climate “it is better to reskill your people rather than let them go. You cant lose talent just because their jobs have changed,” said Kontul, “This allows you to keep people who are familiar with your culture and your busi
28、ness while ensuring you dont have to compete in an ever-tightening talent market.” For KeyBank, the bottom line is that this program will enhance its overall talent strategy. Its proactively working to position the company to evolve and meet changing client needs and business priorities all while ma
29、naging industry disruptions to the workforce. “This is a journey,” Kontul says. “Were two years into it and we understand its going to take us a bit longer to fully build out the domains, the marketplace and the assessments to allow employees to see where jobs are going and how they can reskill and
30、get the training. But were pleased thus far. The employee reaction overall has been positive.” 33 Shift to metrics that focus on human adoption of technology, not technology adoption, when measuring the success of transformation. Consider what multiple stakeholders (C-suite, finance leaders, employe
31、es) believe will lead to optimal performance today and what will drive tomorrows success. A strong link between skills and transformation helps quantify the reskilling investment and its role in delivering success. Establish clear organizational ownership of skills. The structural shift in job archi
32、tecture from traditional rewards to organizational design and development means there can be a lack of clarity on who owns skills. True agility in work between functions, industries and geographies can be achieved through universal skill taxonomies. Embrace the experience generation. Create more flu
33、idity in work structures with internal gigs, mid-career moves and a focus on mobility, and by democratizing access to learning experiences through increased transparency of what is on offer and what people can learn. Build skill taxonomies that are broader, more flexible, and not beholden to rigid j
34、ob structures. Align your jobs today to the skills for the future and look at ways to automate updates. Common global guidelines and industry standards are evolving, which will make talent more fungible. Partner with the business on how AI and automation may impact jobs. Reconsider workflows and who
35、 in the ecosystem is best placed to provide skills. Align with external work underway on how developments in your industry will impact job evolution and engage in strategic workforce planning. Build a talent and learning ecosystem. Understand future jobs and valued skills in your business, function
36、or company, and think broadly about where and how learning occurs to help you build this capability. Understand who has these skills, where in your organization they are needed and whom today is best placed to cultivate their development. Cultivating curiosity, lifelong learning and urgency As busin
37、ess models shift, organizations are becoming more intentional in the way they access talent and capability. That includes forming partnerships, joint ventures, strategic vendor relationships and alliances, and even collaborating with competitors. At an individual level, we see the application of a m
38、ore nuanced approach to employing talent on a continuum that ranges from permanent and fixed-term employees to contractors, freelance talent and consultants. Lifelong learning means changing from training, working and rewarding in a linear fashion with progression pegged to static career levels to a
39、 cyclical model of reinvention. Ultimately, people will stay with companies they feel are making them marketable and leave those that are not. The race to reskill thus has multiple purposes: to meet talent shortages and to ensure livelihoods and sustainability for the entire workforce. Moving forwar
40、d Getting startedSuggestions to accelerate 34 Giving pay-for-skills a shot in the arm Like many companies, Bayer a German multinational pharmaceutical and life sciences company experienced significant talent disruption after it underwent a digital transformation. It faced the challenge of determinin
41、g which digital talent was most important to the business and where it resided in the company which was less than transparent. Bayer kicked off its journey to fully understand its workforce by asking different businesses to provide a list of digital jobs that use critical skills for the future. Base
42、d on this research, Bayer recognized that junior people at the company possessed the most digital skills, and they needed to come up with a rewards model for this talent segment that allows for more flexibility and personalization and better reflects current practices in the high-tech environment. A
43、n initial focus on digital transformation morphed into an employee experience initiative that diagnosed the need for a transformation in total rewards and advancing Bayers Employment Proposition by talent segment. It took an explicitly employee-centered approach, conducting virtual focus groups with
44、 employees to understand preferences in terms of culture, career and rewards. Findings were translated into an “experiment” in which employees were further empowered along the lines of autonomy, mastery and purpose to own their own careers. Bayer also incentivized digital skills building by shifting
45、 from a hierarchical approach in total rewards to a more egalitarian approach that offered employees flexibility in their short- and long-term compensation packages. Before employees can decide how much base pay they want versus short- and long-term incentives, managers decide on the total compensat
46、ion positioning against the market based on the criticality of an employees skillset. Skills may be rewarded by higher total compensation packages with higher short- and long-term incentives while base pay is positioned around the median. While base pay is predicated upon plus or minus the intended
47、market positioning, short- and long-term variable pay can be adjusted to reflect the demonstration of critical digital skills and the pursuit of new digital capabilities. Employees may see short- and long-term incentives increasing significantly compared to market percentiles if their skills are cri
48、tical, driving attraction to the company from the outside and retention on the inside. Thus, employees may see what specific skills they need to develop that they dont currently possess to drive their pay. With data and digitization transforming businesses, we have plenty of insights at our fingerti
49、ps to switch up the game. The challenge is how to harness this power to answer the questions that matter to businesses. AI and automation have already surpassed doing the heavy lifting indeed, AI is making decisions on its own in many areas. Its essential, therefore, to hone our own market- and people- sensing capabilities to uphold ethical practices and ensure we make decisions with empathy. But the real opportunity comes with a lift in peoples skill and intuition around data our ability to see beyond workforce problems and apply a scient
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